Castine Conversations

In this conversation we meet with Brijesh Malkan, the CEO of Singletrack.Brij has been an integral part of Singletrack for several years, both as a product manager and heading strategy before becoming the CEO of the firm. His experience with markets, CSAs, CRMs, and where AI can bring value to capital markets and beyond makes for a conversation that dives deep into many different arenas, winding up on where CSAs are heading in the UK and beyond. Our conversation starts with Brij's background and the different firms and roles that led to where he is now, running one of the most innovative firms in the capital markets CRM and engagement space.  This conversation is with Robin Hodgkins, Castine's President.For more information on Singletrack, please visit Singetrack.com.For more information on Castine LLC, including our commission management, research invoicing, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet with Bomsi Billimoria, Founder and President at EvoXvantage.Bomsi is a Global Transformation Executive that has spent the last 25 years at large global firms driving operational discipline and cost transformation at scale.  He founded EvoXvantage focusing on cost transformation, process optimization, AI enabled operations and technology modernization to quickly deliver measurable efficiencies and cost savings.Our conversation covers Bomsi’s background, his executive roles at large global organizations and the reasons he founded EvoXvantage.  This conversation is with Tom Smith, Castine’s Executive Vice President.For more information on EvoXvantage, please visit EvoXvantage.com.For more information on Castine LLC, including our commission management, research invoicing, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Doug Leo, the Head of Commission Management at Raymond James.   Doug's leadership at Raymond James has helped them grow to be a major player in commission management. At the same time, Doug is very involved in the invoicing for the research that Raymond James creates. Hundreds of clients require invoices for the research they consume, and Doug has expanded his remit to cover that as well.  Our conversation covers Doug's award winning childhood (!) and his work at different brokers focusing on commission management. We discuss his experience with research invoicing and his observations about the re-introduction of CSAs into the UK. This conversation is with Robin Hodgkins, Castine's President.  For more information on Raymond James, please visit RaymondJames.com.For more information on Castine LLC, including our commission management, research invoicing, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, several members of the Castine team discuss the key takeaways from the November 5, 2025 Unbundling Uncovered conference in London. Clive Riddle, Pedro Fernandes, Tom Smith, and Robin Hodgkins represent teams from our UK, EU, and USA groups and provide their insights on where the CSA market is headed in the United Kingdom as well as other points brought up in the conference. The opinions made are solely those of the Castine members and do not represent any specific participant at the conference. For more information on Castine, including our commission management, research management, compensation, and research evaluation and payment  solutions, please visit CastineLLC.com

In this conversation, Robin Hodgkins speaks with Caroline Bayman and Chris Newson of FGA Consulting Ltd, a UK-based consultancy that is working with brokers and their clients to help educate them on CSAs and to demostrate the benefits of CSAs to asset managers and their clients. Caroline's background includes many years in the commission management space working with both brokers and asset managers before becoming an entrepreneur in the real estate development world and, more recently, re-focusing on providing expertise to the buy- and sell-sides in front office operations, client strategy, and of course commission management.Chris's background also covers the buy- and sell-side, with senior roles at Henderson Global, Fidelity, Merrill Lynch, and Citi. Most of those roles covered research and commission management, giving Chris visibility on how the field has developed and, with Caroline, how firms can best use them.Our conversation covers their backgrounds and where asset managers stand in regards to considering returning to using CSAs or, if they've never used them, how to get started with them. You can connect with Chris and Caroline on LinkedIn at FGA Consulting Ltd: https://www.linkedin.com/company/fga-consulting-limitedFor more information on Castine, including our commission management, research management, compensation, and research evaluation and payment  solutions, please visit CastineLLC.com

In this conversation, Robin Hodgkins speaks with Hester White, an expert in building client relationship teams and focusing broker attention on using CSAs and commission management to fuel growth. Her background at firms such as Nomura, Jefferies, and Peel Hunt establish her as a true leader in her field and one to pay attention to. Hester's experience covers everything from sales to corporate access and from managing CSA teams all the way to sitting on management committees. She brings a depth of expertise to the brokerage community that colleagues, clients, and even vendors can benefit from.  Our conversation covers Hester's background as her career unfolded and her thoughts on the latest developments in the UK and the EU around commission management.You can connect with Hester on LinkedIn at: https://www.linkedin.com/in/hester-white-7694a3b/For more information on Castine LLC, including our commission management, compensation, and research solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, Michael Mayhew joins Robin to discuss recent the current status of CSA re-adoption in the UK. Mike is the founder and chairman of Integrity Research Associates, the premier source of information about research firms as well as the leading CSA blog. We recommend everyone signs up for his premium blog, which is often described by leading asset managers as a "must read". Mike's background on the research side led to the creation of Integrity Research in 2000. Mike is also a partner at Alpha Tech Partners, which runs a strategic investment fund in the solutions space for professional wealth and asset management firms. The conversation covers Mike's background in research and the early days of soft dollars before jumping into the latest developments there and with his new venture.For more information on Integrity Research, and to sign-up for Mike's wonderful blog, please visit www.integrity-research.com.For more information on Castine LLC, including our commission management and research solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, Bob Nowicki returns to talk about the CSA business from the point of view of CSA brokers. The focus is on how they can easily increase their business and order flow by focusing more on selling CSAs rather than just treating them as an accommodation.Bob has over three decades of experience and is one of the rare individuals on the Street who has deep experience in building operations, middle offices, and trading desks for the buy and sell side, both in fixed income and equities, including his own hedge fund.   For the last two decades, Bob had been leading commission management programs at two of the largest CSA brokers in the US. Bob received his B.S. in Finance from St. John’s University and currently consults in the areas of client strategy, commission management, operations, and independent research.Many parts of the concepts that Bob and Robin discuss are in an article that Bob published in Integrity Research. If you'd like a copy, please write to Robin at [email protected] or visit integrity-research.com. If you'd like to connect with Bob, please connect with him at [email protected] more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, we meet John McGough, one of the leaders in commission management spanning the past 20 years. John's expertise started at a SPSI, a brokerage unit of S&P and has expanded to several other brokers, always helping them significantly expand their soft dollar / CSA businesses domestically and globally. John is currently consulting at Castine as our head of business development.With the recent release of PS25/4 and last year's PS24/9, many asset managers in the UK are wondering if now is the right time to start planning to use client commissions for research. We discuss exactly where the "re-bundling" effort sits inside of the FCA's Payment Optionality initiative, what firms should be considering to do now, and how can they rollout a strong plan with their brokers. For brokers, a similar discussion is underway, but of course brokers need to be ahead of their client's needs, so time is clearly of the essence.For the benefit of all who are interested, John has created an excellent presentation outlining the evolution of commission management and research payment options in the UK, tracing its progression from the "Big Bang" in 1986 to the most recent policy statements. If you'd like a copy, please write to Robin at [email protected]. If you'd like to connect with John regarding any commission management questions, please connect with him at [email protected] more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, the decision makers on the ResearchPool and Castine teams talk about how this acquisition came to be. Pedro Fernandes, the CEO of ResearchPool, Tom Smith, Castine's EVP of Sales, and Robin Hodgkins, Castine's President discuss how the two companies came together, each of their business models, and how the combined solution will benefit the global market for research management, budgeting, and payment services using commission management / CSAs. ResearchPool's Research Management System's power comes from its ability to manage both internally originated research as well as research available on the ResearchPool broker research portal, now totally over 200 brokers and research providers.Castine's asset manager and brokers solutions are industry leaders in the way they help manage budgets, research payments, due diligence, and the entire continuum of commission management / CSA processing around the globe.The combined company can now offer research discovery and due diligence, research management, budgeting, and payments from end-to-end, helping existing CSA users and those returning to CSAs in the UK and the EU, to benefit from a one-stop approach for solutions. For more information on ResearchPool, please visit ResearchPool.com. For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation, we meet Aaron Walter, the Head of Research Management at Janus Henderson, a global investment manager. With 30 years of experience in research and Commission Management, Aaron has witnessed significant changes in the regulatory landscape across the US, the UK, and globally.Our discussion delves into Aaron’s career at Janus Henderson and how regulatory shifts in commission management have influenced his perspective on research and the industry’s response. The recent release of the final PS24/9 report from the FCA, and the new option to return to CSAs in the UK, is a very hot topic for many firms on both the provision and consumption sides of the fence. Aaron’s insights on likely future trends are invaluable and will be of interest to anyone in this space. This conversation is with Robin Hodgkins, President of Castine.For more information on Janus Henderson, please visit JanusHenderson.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Jack Pollina, the Head of Commission Management, Client Relationship Management, and Sales for Virtu Financial.   Jack has been involved in commission management since his fortuitous job at Hoenig & Co. Working in CSAs has been the hallmark of Jack's career - other than running a bagel store - and he leverages that knowledge with his team and clients to help them navigate the complexities of 28(e) and similar regulations worldwide. Our conversation covers Jack's experience at Hoenig, Shearson Lehman, ITG, and now at Virtu; all leading to his being a true expert in the field. Jack has spent a lot of time in discussions with the SEC, the FCA, and other groups to advocate for the best treatment for his clients and their asset owners. With the recent release of the final PS24/7 report from the FCA, there's a lot to consider, whether one is a UK-based asset manager, a global one, or a broker supporting clients as they learn about how to get into, or back into, CSAs in the UK. This conversation is with Robin Hodgkins, Castine's President.  For more information on Virtu, please visit Virtu.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Steve Stone, the head of the financial institutions law practice at Morgan Lewis. Steve is a recognized expert in commission management in the US, England, and Europe and represents clients before the SEC and FINRA. Commission Management is a major front-of-mind issue in the USA with the end of the SEC "No Action" letter last year and  it's a front-of-mind issue in the UK due to the Chancellor of the Exchequer's and Rachel Hunt's calls for what could be the return of CSAs. With the FCA's release of a report on April 10th supporting "rebundling," our conversation with Steve on commission management is very timely. This conversation covers Steve's career, how commission management has wound up where it is today on a global basis, and where things might shake-out in the next 3-18 months. For more information on Morgan Lewis, please visit MorganLewis.com. For more information on Castine and its commission management and other solutions, please visit CastineLLC.com

In this conversation we meet Indy Sarker, Founder of Analec.Indy is a recognized global leader in commission management and brings to it his years of experience in research analysis, publication workflow and CRM systems. Indy has been involved with commission management for over a decade and has been an active sponsor and speaker in numerous commission management events and conferences. Indy started out on the research analyst side of the industry after reading Economics at Cambridge and founded Analec in 2003 to bring deep domain knowledge to the creation of innovative tools for publication management and customer management. More recently, Indy and his team have expanded the Analec platform from focusing on research sales and trading vertical to addressing customer engagement across several other industries, including investment banking, M&A deal flow, asset management, and others. My conversation with Indy covers how Analec came to be and where the commission management space is evolving given new regulatory possibilities in the UK as well as changes in the EU and the end of the "No Action" letter in the USA.For more information on Analec, please visit Analec.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Neil Scarth, Founder and Principal of Frost Consulting.Neil Scarth has held a wide range of roles in asset management and investment banking in Europe and North America over the last 25 years, ranging from running equity businesses at global banks to launching and managing various asset management products. Neil has comprehensive knowledge of the strategic and competitive framework that governs the inter-relationships between plan sponsors, asset managers and investment banks.Frost Consulting, which was formed in 2007, focuses on commission management and unbundling. Frost's depth and breadth of experience helps their clients navigate existing rules around unbundling as well as helping them understand how proposed changes in the UK and Europe - along with the sunsetting of the SEC No Action Letter - will impact and benefit them. My conversation with Neil is on those changes and where things may play out over then next year or two. This conversation is with Robin Hodgkins, Castine's President and covers the potential changes in the UK around commission management as being led by Jeremy Hunt and Rachel Kent.For more information on Frost Consulting, please visit FrostConsulting.co.uk.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Bob Nowicki, a luminary in the commission management space.  Bob has over three decades of experience and is one of the rare individuals on the Street who has deep experience in building operations, middle offices, and trading desks for the buy and sell side, both in fixed income and equities, including his own hedge fund.   For the last two decades, Bob had been leading commission management programs at Bank of America Merrill Lynch and Evercore ISI.  While at Merrill Lynch, Bob took part in building out an internal research survey business and also launched and managed its internal independent research marketing firm, Merrill Open Minds.  Bob received his B.S. in Finance from St. John’s University and currently consults in the areas of client strategy, commission management, operations, and independent research.This conversation is hosted by Tom Smith, Castine's EVP of Sales.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Stuart Howard, the Global Head of Research Relationships at Invesco Ltd.  Stuart is responsible for managing the research relationships that Invesco uses to add value to the investment decisions that the firm and its team members make. As such, Stuart has a unique view of the research space, how it has evolved during covid, and where it is headed in 2023 and beyond. His background in auditing, analysis, client reporting and operations has led to where he is now, as has several of the key mentors that have helped direct and guide him.  Stuart talks about moving from studying history to working with some of the key issues facing firms around research, MiFID II, remote vs in-person work, and how the different regulatory pressures from the USA, England, and the EU make this a particularly interesting and productive time for all issues around research.  This conversation is with Robin Hodgkins, Castine's President.  For more information on Invesco, please visit Invesco.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this conversation we meet Sarah Ahmed, the Director of Corporate Access at Artisan Partners.  Sarah Ahmed is a true leader in Corporate Access, learning at the side of wonderful mentors at Deutsche Bank and AB Bernstein, and now running Corporate Access for Artisan. Sarah's experiences in getting into the field of Corporate Access with a broker's perspective and then transitioning to the asset manager side are fascinating, as are her observations on how Corporate Access survived and changed during the Covid years. Sarah talks about what it takes to get into the business (on either the broker and asset manager side), and how she believes the field will evolve over the next few years. This conversation is with Robin Hodgkins, Castine's President.  For more information on Artisan Partners, please visit ArtisanPartners.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Suzanne Mick Stafford, Expert Services Associate at Mirador, LLC. Mirador was founded in 2015 and has grown to be a leader in providing outsourced CTO services and third-party solutions to brokers, high net worth individuals, wealth management firms, endowments, and foundations. This episode is an extension on an earlier conversation with Joe Larizza, Mirador's CEO on Compensation Management 101 for Wealth Managers. In this "201" conversation, Tom Smith, Castine's Executive Vice President and Suzanne Mick Stafford get into more of the details of how a wealth manager can address complex issues using Castine's Commissioner system. Suzanne is an example of why Mirador has grown to over 160 people and has expanded to other locations around the country. Mirador's commitment to client service - as an extension of the client's own team - has accounted for much of their success. For more information on Mirador, please visit MiradorLLC.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Joe Larizza, the Founder and CEO of Mirador, LLC. Mirador was founded in 2015 and has grown to be a leader in providing outsourced CTO services and third-party solutions to brokers, high net worth individuals, wealth management firms, endowments, and foundations. Building on a foundation of client support honed from his experience on Wall Street, Joe has built a team of over 160 people and has expanded Mirador to other locations around the country. One of the areas of expertise that Mirador provides is a series of solutions to wealth managers. In this capacity, Joe and his team have worked with many Castine clients on their compensation needs. In this podcast - the first of two on this subject with the Mirador team - Joe discusses the basics of compensation management that Mirador imparts to their clients. For more information on Mirador, please visit MiradorLLC.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Jason Glazer. Jason is the Head of Product Management at Piper Sandler, which acquired Cornerstone Macro, where he was the Chief Operating Officer. Jason's travels through sales and finance have included many situations where he was mentored by wonderful teachers. In his new role, Jason is continuing the mentiorship focus but where he mentors others. The opportunities for growth that the acquistion by Piper Sandler brings, and Jason's involvement throughout the research process lead to a very interersting conversation. For more information on Piper Sandler, please visit PiperSandler.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Pedro Fernandes. Pedro is the founder and CEO of ResearchPool, which provides workflow management tools, research discovery, and ESG meeting and interaction management to asset managers worldwide. ResearchPool's products are also used by the sell-side to monetize research, monitor consumption, expand distribution, and help with compliance issues around MiFID II. We discuss how ResearchPool was formed and some of the interesting opportunities that have come their way as they have grown since 2015. For more information on ResearchPool, please visit ResearchPool.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Steve Dimitriou. Steve is the founder and managing partner of Mayflower Advisors, which has operated since 2002 and now manages over $1.7B in assets. Mayflower launched an RIA firm in 2020 and we cover what led to that decision and the steps they've taken on the rollout. Steve has lots of words of wisdom for those who are thinking of setting up RIA's in this informative interview.For more information on Mayflower Advisors, including their private wealth management and institutional advisory services as well as their retirement plan consultancy, please visit MayflowerAdvisors.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com

In this podcast we meet Mike Carrodus, who is the founder and CEO of UK-based Substantive Research. We cover Mike's background in this episode and will meet up again in a future episode to discuss more about the creation of Substantive Research. Substantive was formed in 2015 and provides research discovery and research spend analytics, both of which provide immense value-add to any manager. The firm also runs what is considered to be the "go to" conference for information about commission management, which is held twice a year in London and in New York. Mike's travels from publishing to research to running one of the leading research providers in the institutional investment space is fascinating. We hope you enjoy meeting Mike.For more information on Substantive Research, including their research discovery and spend analytics services, please visit SubstantiveResearch.com.For more information on Castine LLC, including our commission management, compensation, and compliance solutions for investment managers and retail and institutional brokers, please visit CastineLLC.com